Record funding puts ThoughtSpot on a breakaway trajectory as it
delivers true self service at enterprise scale

Hundreds of global enterprises, including 3 of the Fortune 5,
leveraging ThoughtSpot’s next-generation analytics platform to digitally
transform their businesses

May 08, 2018 12:27 PM Eastern Daylight Time

PALO ALTO, Calif.--(EON: Enhanced Online News)--ThoughtSpot,
the leader in search and AI-driven analytics for the enterprise, today
announced it has successfully closed $145 million in Series D funding.
The funding was oversubscribed with strong participation from both
existing as well as new investors. Existing investors Lightspeed
Ventures, Future Fund, Khosla Ventures, and General Catalyst
participated, alongside new participants Sapphire Ventures, and other
global investors. Since its founding in 2012, ThoughtSpot has raised
$306 million in total funding. With the new funding, ThoughtSpot
will continue to innovate its next-generation analytics platform,
accelerate global business growth, including expansion in EMEA and APAC,
and grow its R&D centers in Palo Alto, Seattle, Dallas, and Bangalore.

“We see a world where your
analytics platform serves up insights to you before you can even
articulate a question. With the new funding, we’ll continue to push the
boundaries of what’s possible with self-service analytics for our
customers, partners, and the industry at large.”

The $203 billion data and analytics industry is at an inflection point.
While the industry has historically catered to technical users in the
enterprise, there’s been a simultaneous explosion of knowledge workers
who require data and insights to do their job. Traditional data teams,
often hindered by legacy solutions, are unable to meet this growing
demand, let alone take on highly strategic data projects. ThoughtSpot
has taken a radically different approach to solving this problem,
putting the power of 1000 analysts into the hands of non-technical
business people without requiring any special training. Businesspeople
can use ThoughtSpot’s simple search-driven analytics to answer the
questions they know to ask, while its AI-driven analytics engine,
SpotIQ, automatically answers thousands of questions a businessperson
would care about, but wouldn’t even know to ask. Data professionals,
freed from generating innumerable reports and tweaking countless charts,
can focus on the analytics initiatives critical to their organization’s
long term success. Unlike other artificial intelligence solutions,
SpotIQ is completely transparent, meaning no decisions or analyses are
conducted in a black box, fostering trust and driving adoption by end
users.

“In the few short years since founding ThoughtSpot, we have disrupted
the analytics market and seen global enterprises adopt our search and
AI-driven analytics due to its simplicity for business people and
enterprise-grade scale and governance for today’s CIOs and CDOs,” said
Ajeet Singh, founder and CEO, ThoughtSpot. “We see a world where your
analytics platform serves up insights to you before you can even
articulate a question. With the new funding, we’ll continue to push the
boundaries of what’s possible with self-service analytics for our
customers, partners, and the industry at large.”

“The analytics market has evolved to the point where it has become a
business imperative for employees at all levels, across all departments
in an organization to have access to trusted insights to make
data-driven decisions,” said Ravi Mhatre, Partner, Lightspeed Venture
Partners. “As the next-generation analytics platform for global
enterprises, ThoughtSpot is already meeting this critical need for the
world’s largest companies, as these organizations seek to compete in
today’s digital economy.”

“ThoughtSpot has changed the enterprise data analytics game by allowing
companies to understand and interact with their data like never before
through their search and AI-driven analytics platform,” says Jai Das,
managing director at Sapphire Ventures. “We are excited to partner with
the ThoughtSpot team and bring our global network and expertise to the
table to help ThoughtSpot to continue its global growth and expansion.”

Adoption by the World’s Largest Enterprises

With digital disruption impacting every industry, both established
enterprises and newer market entrants have turned to ThoughtSpot to
equip their entire business, from frontline worker to C-suite executive,
with true self-service analytics. The company’s record
breaking year and notable market accolades, including being named a Visionary
in the Gartner Magic Quadrant for Analytics & Business Intelligence, the #1
Best Big Data Company & CEO to Work for by Glassdoor, and a Top
Company: Startup by LinkedIn, demonstrate global recognition for the
company’s solution.

Three of the Fortune 5, twelve of the Fortune 100, and many other
innovative global brands such as Amway, Bed Bath & Beyond, Capital One,
Celebrity Cruises, Chevron, Haggar Clothing Co., Miami Children’s
Hospital, OpenTable, Sterling National Bank, and ServiceNow have
selected ThoughtSpot for the company's unique ability to empower any
employee with self-service analytics. ThoughtSpot now counts one of the
top five largest companies in technology, telecommunications, oil & gas,
retail, and financial services amongst its customers, demonstrating
widespread and cross-industry adoption of search & AI-driven analytics.
ThoughtSpot grew revenue by 180 percent in the fourth quarter, as
enterprises invested heavily in the company’s search & AI-driven
analytics platform. In their first purchase, more than 80 percent of
customers invested six-figures, with several customers expanding to
million dollar plus investments.

“At BT, nothing is more important to us than making our customers
successful,” said Chris Brook, Director of Customer Service
Transformation, British Telecom. “We’re constantly looking for new ways
to innovate around the customer experience and improve our NPS. We are
thrilled to be partnering with ThoughtSpot to deliver a new self-service
analytics solution for our business customers. Now customers will be
able to quickly and easily analyze their bills on BT.com using the power
and simplicity of search-driven analytics.”

“Seeking to understand the industry from our customers’ perspectives has
helped De Beers become the world’s leading diamond company and our
Pricing department needs to collect, generate and analyse data of
ever-increasing size and complexity to achieve this,” said David
Heppenstall, Chief Information Officer, De Beers. “As traditional BI
tools began to struggle with the weight and complexity of data,
ThoughtSpot stood out for us when we sought new, innovative solutions
that would reduce the need for extensive data manipulation or
time-consuming report generation. ThoughtSpot enables us to explore our
large data sets easily, quickly and flexibly, allowing us not only to
uncover the insights that were hidden in our data, but also to spend
more time on value-creating analytics.”

Growing Around the Globe

As demand grows internationally for new ways to empower every employee
with analytics, ThoughtSpot has rapidly expanded around the world. In
the last year, ThoughtSpot opened new offices in Japan, as the company
rapidly expands in APAC, as well as new offices in the Nordics & Baltics
and Dach regions to support the burgeoning EMEA market. Furthermore, the
company has adapted its search & AI-driven analytics to support Japanese
and German localizations, with support for Spanish, French, Portuguese,
and Simplified Chinese coming soon. With the new funding, ThoughtSpot
will continue its global footprint and build language capabilities for
various markets.

In 2017, the company opened two new R&D centers, while substantially
bolstering its presence in Palo Alto, where the company is
headquartered. ThoughtSpot has opened
an office in Bangalore, India, to innovate business intelligence in
the cloud; as part of this effort, the company invested $10M in the
region. The second R&D center opened in Seattle to build artificial
intelligence solutions, including the company’s recently released AI-driven
analytics engine, SpotIQ. The third center opened in Dallas, and
will support enterprise expansion. The new funding will enable
ThoughtSpot to continue to invest heavily in these engineering centers
and fuel the company’s ability to disrupt the analytics market.

About ThoughtSpot

ThoughtSpot, the leader in search & AI-driven analytics for enterprises,
is helping the largest companies in the world succeed in the digital era
by putting the power of a thousand analysts in every business person's
hands. With ThoughtSpot’s next-generation analytics platform, business
people can use Google-like search to easily analyze complex, large-scale
enterprise data and get trusted insights to questions they didn’t know
to ask, automatically - all with a single click. ThoughtSpot connects
with any on-premise, cloud, big data, or desktop data source, deploying
85 percent faster than legacy technologies. Customers
like Amway, Bed Bath and Beyond, BT, Capital One, Celebrity Cruises,
Chevron Federal Credit Union, De Beers, Insurethebox and Scotiabank have
put ThoughtSpot at the core of their business processes. With
ThoughtSpot, business leaders and frontline workers alike have made more
than 3 million data informed decisions per year.

ThoughtSpot was co-founded in 2012 by Ajeet Singh, former co-founder and
Chief Product Officer at Nutanix, the largest tech IPO of 2016. With a
founding team coming from Google, Amazon, and Facebook, ThoughtSpot has
raised over $160M in funding from Lightspeed Venture Partners, Khosla
Ventures, General Catalyst Partners, Geodesic Capital and Capital One
Growth Ventures. The company is headquartered in Palo Alto, with offices
in Seattle, London and Bangalore. For more information please visit www.thoughtspot.com.

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